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co-ownership any advice?
weemocky
Posts: 11 Forumite
hi guys,
really need your help and advice on buying a first time home through co-ownership. myself and boyfriend are hoping to buy in the next 3months. our dilemma is that house prices have drastically dropped and we have a second child on the way and need a bigger home asap.
problems :-
1) we do not have a deposit.
due to the fact we have been paying all our debts off each month,(we are trying to be debt free).
2)i have about 6 defaults, 2 of them are still unsettled totalling @ £650.
these will be paid off asap
3)my defaults wont be cleared until 2011 and 2012
so we have to try co-ownership as it will be a single application
4)my partner has missed a payment on a car loan in july 2010(which has now been paid in full 2years early)
this has lowered his credit score to poor. and may stop us getting a co-ownership mortgage. this is the only missed payment he has on the full 6 year credit report. he has no other defaults or ccjs etc. this is one and only blimp on the report. his overall debts are now less than £2000 and his yearly earning are £17,000. he is also just been put on the electoral register. we are just waiting on the credit report updating to see if his score increases before we apply.
has anyone any advice or tips on how we can get a mortgage asap?
would it help improve his credit score if we pay the balance of the credit card each month instead of paying £50 each month?
balance is £450
really need your help and advice on buying a first time home through co-ownership. myself and boyfriend are hoping to buy in the next 3months. our dilemma is that house prices have drastically dropped and we have a second child on the way and need a bigger home asap.
problems :-
1) we do not have a deposit.
due to the fact we have been paying all our debts off each month,(we are trying to be debt free).
2)i have about 6 defaults, 2 of them are still unsettled totalling @ £650.
these will be paid off asap
3)my defaults wont be cleared until 2011 and 2012
so we have to try co-ownership as it will be a single application
4)my partner has missed a payment on a car loan in july 2010(which has now been paid in full 2years early)
this has lowered his credit score to poor. and may stop us getting a co-ownership mortgage. this is the only missed payment he has on the full 6 year credit report. he has no other defaults or ccjs etc. this is one and only blimp on the report. his overall debts are now less than £2000 and his yearly earning are £17,000. he is also just been put on the electoral register. we are just waiting on the credit report updating to see if his score increases before we apply.
has anyone any advice or tips on how we can get a mortgage asap?
would it help improve his credit score if we pay the balance of the credit card each month instead of paying £50 each month?
balance is £450
0
Comments
-
I would search this thread for Shared Ownership. Many places are over-valued and can be hard to get rid off when you want to sell it.
Why not rent a bigger house until 2012? House prices aren't going anywhere fast, especially in NI and his will give you chance to save up for a deposit on a place that will be 100% yours.
M_o_30 -
Basically credit record wise you're screwed for at least the next couple of years. We had one mortgage refused because of a few late payments on my wifes and apart from that, both were a sea of green. Its a bit mad to be buying property at the moment so as M_o_3 said, you'd be better off renting.0
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